ServiceNow price target raised to $620 from $600 at Piper Sandler

Piper Sandler raised the firm’s price target on ServiceNow to $620 from $600 and keeps an Overweight rating on the shares. The firm notes top and bottom line results came in above expectations for Q3, with ServiceNow again demonstrating strong execution. The third consecutive quarter of accelerating large net new logo growth was punctuated by the strongest U.S. Fed quarter in history. New GenAI capabilities were well-received, with bullish commentary calling for a longer-term generational movement driven by technology. With another strong set of results and increasingly strategic positioning within large enterprises, Piper remains bullish.